pandurang 03 October 2016

Sarfaesi action for vehicle loan

Sir, I am Bank recovery officer, need help taking taking sarfaesi action on vehicle loan

1. can we take sarfaesi action on vehile loan?

2. what is the process for possession of vehicle?

3. can we issue sale certificate to buyer?

4. sale certificate suficent for vehicle transfer to buyer?

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5 Replies

(Guest)

Sir,

You need detailed advice. You shoud go through following:
1)RBI guidelines with respect to Loans/NPAs

2) Sarfaesi Act
3)RDDBFI Act with rules

4)DRT ACt

after going through these once you will get an idea to your questions. Further if you need you may speak to the lawyer on your bank's panel. He should help you out.

Regards,
Rit Arora
Advocate
7838737001

Advocate Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India) 03 October 2016

Sir,

You can take the vehicle revovery on the sarfasi Act.

Warm Regards

Kapil Chandna Advocate

9899011450

pandurang 03 October 2016

Thank you Sirs..

arpit shukla (,) 03 October 2016

Said act does not allow on unsecured loans or where loan amount is less then 100000/- you can take possession of vehicle and sell it directly without involving court .